FLYHT Agrees to Purchase Shares of CrossConsense, Adding Strategic Capabilities in Aircraft Maintenance and Expanding European Presence
ACCESS Newswire
6 min read
CALGARY, AB and FRANKFURT, GERMANY / ACCESSWIRE / January 27, 2022 / FLYHT Aerospace Solutions Ltd.(TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") and CrossConsense GmbH & Co. KG ("CrossConsense") today announced an agreement whereby FLYHT will acquire all of the outstanding shares of CrossConsense. This acquisition is expected to accelerate FLYHT's strategic roadmap to build out a maintenance capability, and will fulfill the Company's goal to increase its presence in the European and Middle East markets.
CrossConsense develops and markets software to support commercial aviation maintenance management. Products include:
A predictive maintenance troubleshooting and engineering tool;
Software to support aircraft maintenance, repair and data migration; and
Live data dashboards to assist aircraft maintenance teams.
CrossConsense has also constructed a progressive web application plus native apps that offer up-to-date data on an airline's fleet status. Additionally, CrossConsense offers consulting and support services as well as hosting, database operation and performance monitoring of commercial aircraft maintenance applications.
The acquisition of CrossConsense is designed to further cement and extend a number of FLYHT's key commercial objectives. Through this transaction, FLYHT will now be able to build a meaningful European presence, within a major aviation hub, as CrossConsense is based in Frankfurt, Germany. Additionally, the transaction is expected to expand FLYHT's reach into software technical services in support of aircraft maintenance functions. Finally, the transaction is expected to bring new worldwide customers to both companies.
Udo Stapf, the founder and majority shareholder of CrossConsense stated, "The integration of our team and capabilities with those of FLYHT's is expected to meaningfully enhance our capabilities to provide global solutions to our combined customer base of more than 100 airline and cargo customers. Under the FLYHT umbrella of products and services, we will be better positioned to service the growing needs of our customers, helping them improve efficiency."
Bill Tempany, CEO of FLYHT, stated, "Acquiring CrossConsense will expand FLYHT's product line with predictive maintenance and maintenance system services - two areas that are in high demand by our customers and synergistic with our current offering. The ability to utilize real-time AFIRS data in a maintenance environment is anticipated to provide a substantial impetus to our customers' Actionable Intelligence. Additionally, the combination is expected to establish a meaningful European presence for our company through which we can further build our global operations."
Added Tempany, "We welcome the many talented maintenance software specialists at CrossConsense to the FLYHT team. Their extensive knowledge of aircraft maintenance management systems and development expertise in blockchain processes strengthens our knowledge base in areas that are especially aligned with FLYHT's key ongoing strategic initiatives."
Transaction Detail
Under terms of the agreement, FLYHT (through its wholly owned German subsidiary formed as part of this transaction) will acquire all of the outstanding securities of CrossConsense for CAD$1,250,000 in cash and 1,900,000 common shares of FLYHT. The shares will be held in escrow and will be released equally in 1/3 increments at 4, 16 and 28 months following issuance on the transaction's closing date. This agreement is subject to approval of the German Government and the TSX Venture Exchange and to be effective January 1, 2022, with a transaction close as soon as possible after those approvals are received.
Additionally, Udo Stapf will continue his involvement in the business, with an agreement in place for provision of services over the 18 months following the transaction's effective date.
FLYHT also announced that Axel Christ from CrossConsense has been appointed Managing Director of the new organization. Over his 15 years at CrossConsense he has made significant contributions, responsible for innovation and technology of the company's software and services. Mr. Christ has been working with Kent Jacobs, President of FLYHT in Calgary, on aligning priorities and goals.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by FLYHT's patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming, AFIRS Edge, a state-of-the-art 5G WQAR and satellite data communications device, and TAMDAR™ and the FLYHT-WVSS-II™, which deliver airborne weather and humidity data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our presentation here, or visit www.flyht.com.
About CrossConsense
Founded in 2002, Frankfurt Germany-based CrossConsense offers its customers in the commercial aviation industry, highly skilled services, designed to enhance their productivity and uptime performance, based on sound knowledge in the areas of maintenance, engineering and logistical support. CrossConsense maintains a staff of 24 dedicated, experienced, and motivated team workers. For more information, visit https://www.crossconsense.com.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated impact of joint development, sales and marketing efforts between the two companies. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
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